Copper In for a Rapid but Temporary Fall: Chartist: "The long term weekly chart of COMEX copper shows a well established support level near $2.80. This was created in October 2009 and tested as a support level in February 2010 and again in June 2010. There is a high probability this level will act as a support level in the current market retreat.
This combination of support features and chart pattern targets provides a clue to the way price action may develop. Traders will look for support to hold near $2.80. This level could see some consolidation develop. There is a high probability of a fast temporary dip and test of the chart pattern downside target near $2.61. This is part of a trend exhaustion move and signals a buying opportunity for long side traders. There is a higher probability of a rapid rebound and rally from near $2.61 and a new period of consolidation near $2.80. This pattern of price activity would form an inverted head and shoulder pattern and confirm the end of downtrend pressure."
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